USA is the largest economy in the world. It represents around 22% of the Global GDP and 17% of the gross world product.
In the year 2017, USA’s GDP is estimated to be $18.56 trillion. US dollar is the most used currency in international transactions. USA is a developed country having world class amenities, employment opportunities, educational institutions, advanced medical services, technology etc.
The unemployment rate in USA is only 4.7% as per the last survey conducted in the month of May, 2016. American states and its people enjoy luxurious life as it tops in the per capita income list of the world.
Here are the top 10 Richest States in America 2018
Table of Contents
The state has the potential of being the sixth largest economy in the world, if it was a separate country. But California ranks 10 in being the richest states of America. The state is at 10 positions only because it has large population. The state has various areas which are famous for different aspects like; Greater Bay area including Los Angeles which has a highly lucrative television and film industry and San-Diego where the defence and military industries have been set up by the government. The average household income of the state is $61,489. The income of the state is 15% higher than the average income of the entire nation. Though the income rate is higher in the state still the state seems to have highest unemployment rate among the top 10 states of America.
Well educated workforce, high-paying government jobs are the main reason for the state’s high income rate. The median household income is approximately $64,792. Apart from government jobs, the state also enjoys high tourism inflow which contributes majorly in the economy of the state.
8. New Hampshire
Is the fifth smallest state in terms of area and ninth least populous state of USA. Manchester is the largest city of New Hampshire. The state is known as “The Granite Sate” for having extensive granite formation. The average household of this state is $65,986. The state’s economy depends on both; industries as well as agriculture. Hospitality and tourism industries are also a major source of income for the low populous state. The unemployment rate, as per the Census Bureau, was at 2.9% only which is also the lowest in the entire nation.
The state is benefited by its highly educated population with around 40% of the adults having graduate or higher degrees. Massachusetts is the home for the world’s famous universities like Wellesley College, Harvard, MIT, and Tufts University etc. The state has 13 fortune 500 companies. The household income of this state is $67,846 along with high living standard, educational facilities and low number of uninsured residents.
Is the name of several Islands. Just like Virginia, Hawaii has great tourism industry which contributes in the growth of the state and provides ample employment opportunities for its residents. In 2015-16, 8.6 million visitors arrived in Hawaii and spend over $15 billion. Now imagine how famous and popular Hawaii is among the travellers. Apart from tourism industry, Hawaii also has rich agriculture sector with coffee, sugarcane, pineapple being the state’s top export items. The average household of Hawaii earn $68,201. The state also has low poverty and unemployment rate. The state is also among the expensive states to live in due to its high shipping coast and taxes.
5. District of Columbia
It is the earlier name of Washington D.C. (the capital of the USA). Washington D.C. was made the capital of the country after passing of the Residence Act by the congress party. Washington was formed from the land donated by Maryland and Virginia. It is not considered as a state but a separate and integral part of USA. As of July the population of the states is around 681,170. The highest no. of lawyers is found in this state with around one lawyer for every 12 D.C. residents. The state has the highest educated workforce. The income of each household is around $69,235.
Each household of Connecticut earns around $69,889. The state’s economy is majorly dependent upon the service sector. Financial and manufacturing industries contribute in its economy. The state also gets benefited due to its proximity with the New York City. The state has high educational population, low poverty rate, insurance coverage etc. better than the national averages. The state’s growth is largely affected by the high tax rates. As per the study by the WalletHub: Connecticut is said to be fourth worst state to pay the high taxes in the county.
Apart from having four largest cities in terms of area, Alaska ranks top 3 states in richness index. The Alaskan economy majorly depends upon the natural resources especially Oil. As per the report of Energy Information Administration: Alaska is the fourth largest state in terms of crude oil production. Alaska has low population rate which also serves as a reason for its being the richest state. The average household income is $7,829. Being the coldest area and majorly consisting of forest areas, Alaska is an expensive state as the population is very low here so as the modern amenities and infrastructure.
2. New Jersey
Is known as the Garden state. Recession has affected the growth of New Jersey tremendously but still, the state managed to maintain its high per-capita income which is around $72,062. The state has 19 Fortune 500 companies which contribute majorly in the economic growth and stability of the nation. Around 36% adults have graduate or higher degrees. The state also has low poverty rate and no. of uninsured residents. The state have the potential of being the richest state but the high level of local taxes act as a hindrance in its growth. The state tops among the list of states providing high standard-of-living to its residents.
This state may surprise everyone, but it’s true that Maryland tops the charts. Though the state has only four companies which come under fortune 500 companies, still it tops the list due to its connectivity and proximity to Washington D.C. the capital of the USA. The capital provides high-paying contracting and government jobs. The state is highly educated with more than 38% adults having the bachelor’s degree. The state also has low poverty rate. As per the survey, each household earns approximately $74,149, highest in the country. The economy of Maryland is majorly depends on the defence, biotechnology, aerospace industries etc. which shows the reason for Maryland being the richest state in the nation.
From the above article we came to know about the 10 richest states of America. These states have highest per capita income in the country as well as in the world. All these states are equipped with the world’s greatest technologies, services, education which has given its people the best lifestyle possible. Maryland tops the list in the richest states of USA. These states are rich in the entire nation majorly due to their high educational and low unemployment rates. Few of the states are also rich because of the tourism industries.